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Seres Therapeutics shares falter on $60M secondary public offering

The microbiome drugmaker will offer 26.6 million shares at a price of $2.25 per share
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Seres Therapeutics’ drug pipeline includes SER-287, an Ulcerative Colitis treatment

Seres Therapeutics Inc (NASDAQ:MCRB) shares were slumping after the company announced a $60 million secondary public offering of stock.

The microbiome drugmaker will offer 26.6 million shares at a price of $2.25 per share, 31% cheaper than its Thursday close.

Shares dipped 24% to $2.14 Friday as investors typically consider secondary offerings to be dilutive.

READ: Seres Therapeutics shares pop on new cancer research collaboration with AstraZeneca

The Cambirdge, Massachusetts company plans to use the proceeds to further develop its drug pipeline and for other corporate and working capital purposes.

Seres Therapeutics’ drug pipeline includes SER-287, an Ulcerative Colitis treatment, and SER-401, a treatment for melanoma patients undergoing immunotherapy.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

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